4:22pm: Wells’ 2015 bonuses actually amount to a $1MM payout on the third day of the league year and $1MM in per-game roster bonuses, according to Howard Balzer of The SportsXchange (Twitter link), who adds that Wells also has up to $2MM in not likely to be earned incentives in each of the next two seasons.

11:55am: Offensive lineman Scott Wells has restructured his contract with the Rams to reduce his 2014 cap hit, a league source tells Field Yates of ESPN.com. The veteran center had been slated to earn annual base salaries of $5.5MM this year and next, but will instead have a 2014 salary of $1MM and a 2015 salary of $2MM.

In exchange for accepting a cut on his base salary, Wells received an immediate payment of $1.65MM in the form of a roster bonus. The 33-year-old can also earn up to $850K in per-game roster bonuses depending on how many games he appears in during the 2014 regular season. For 2015, Wells will receive a $1.75MM roster bonus if he remains on the roster. The end result is $2.2MM+ in cap savings for St. Louis this year, and $1.75MM in cap savings for 2015.

The restructured deal provides a nice real-life example of the difference between incentives which are likely or not likely to be earned, which I explained earlier today. Wells appeared in 12 of 16 games last season, so only 75% of his 2014 per-game roster bonuses are considered LTBE, with the remainder viewed as NLTBE — that means only $637.5K of that $850K total applies to the Rams’ cap for now.

Wells, who finished last season on injured reserve, is slated to be the Rams’ starting center in 2014 on a talented offensive line that includes All-Pro tackle Jake Long and No. 2 overall pick Greg Robinson.